n. and the feds. a federal agent concerned with narcotics, tax collection, customs, etc. : Some fed was prowling around asking questions about you.
n. the Federal Reserve Board. (Colloquial. Usually Fed. Always with the in this sense.) : The Fed is not likely to raise interest rates very soon again.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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Main Entry: Fed Pronunciation: 'fed Function: noun : the Board of Governors of the Federal Reserve System —see also Federal Reserve System in the IMPORTANT AGENCIES section
[fed] 